Frasers Centrepoint Trust puts in top bid of S$88m for Woodleigh site

Frasers Centrepoint Trust has put in the top bid of nearly S$88 million for a residential site at Woodleigh Close. The price works out to S$270 per square foot per plot ratio.

The next highest bid came from Hoi Hup Realty at about S$83 million. The lowest bid of S$74 million was put in by Sim Lian Land.

The Urban Redevelopment Authority received six bids in total when the tender closed on Tuesday.

The site at Woodleigh Close was launched for public tender on April 29.

The 99-year leasehold parcel spans nearly 10,800 square metres, with a maximum gross floor area of some 30,200 square metres.

Property consultants CB Richard Ellis said based on the top bid of S$270 per square foot plot ratio, the estimated breakeven cost of the new project is around S$650 to S$700 per square foot.

It expects the units to be sold between S$800 and S$850 per square foot. – CNA/ac

Source : Channel NewsAsia – 24 Jun 2008

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